{"id":112,"date":"2015-10-22T11:38:00","date_gmt":"2015-10-22T11:38:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/eu-top-court-rules-bitcoin-exchange-is-tax-free\/"},"modified":"2023-01-10T03:39:26","modified_gmt":"2023-01-10T01:39:26","slug":"eu-top-court-rules-bitcoin-exchange-is-tax-free","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2015\/10\/eu-top-court-rules-bitcoin-exchange-is-tax-free.html","title":{"rendered":"EU’s Top Court Rules That Bitcoin Exchange Is Tax-Free"},"content":{"rendered":"
(Bloomberg<\/a>) Bitcoin and other virtual currencies can be exchanged tax free, the
\nEuropean Union\u2019s top court said in a ruling that puts them on a more
\nequal footing with traditional cash.<\/div>\n
<\/div>\n
<\/a><\/div>\n
Value added tax — a type of
\nsales levy — needn\u2019t be applied because the business involves \u201cthe
\nexchange of different means of payment,\u201d the EU Court of Justice in
\nLuxembourg ruled Thursday. The case was triggered by a dispute in
\nSweden, where David Hedqvist set up a service for the exchange of
\nmainstream money for bitcoin and vice versa.<\/div>\n
<\/div>\n
Bitcoin<\/a>
\ncurrency, introduced in 2008 by a programmer or group of programmers
\nunder the name Satoshi Nakamoto, has no central issuing authority and
\nuses a public ledger to verify encrypted transactions. It has gained
\ntraction with merchants selling legitimate products but also has been
\nused to facilitate illegal transactions because money can be transferred
\nanonymously.<\/div>\n
<\/div>\n
<\/div>\n
\u201cTransactions
\nto exchange traditional currencies for units of the bitcoin virtual
\ncurrency (and vice versa) constitute the supply of services\u201d under the
\nbloc\u2019s law \u201csince they consist of the exchange of different means of
\npayment,\u201d the court ruled. As such they are exempt from value-added
\ntaxes, it said.<\/div>\n
<\/div>\n
To exclude such transactions from the tax
\nexemptions given to traditional exchanges \u201cwould deprive it of part of
\nits effects,\u201d given that the exemption\u2019s aim is to counter \u201cthe
\ndifficulties connected with determining the taxable amount and the
\namount of VAT deductible\u201d in cases of taxation of financial
\ntransactions, the court said.<\/div>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

(Bloomberg) Bitcoin and other virtual currencies can be exchanged tax free, the European Union\u2019s top court said in a ruling that puts them on a more equal footing with traditional cash. Value added tax — a type of sales levy — needn\u2019t be applied because the business involves \u201cthe exchange of different means of payment,\u201d […]<\/p>\n","protected":false},"author":1,"featured_media":573,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,173,191,192,274,542],"tags":[856,871,872,948,1201],"yoast_head":"\nEU's Top Court Rules That Bitcoin Exchange Is Tax-Free -<\/title>\n<meta name=\"description\" content=\"Exchange Bitcoin tax-free in the EU, according to recent court ruling. 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